Where do you see yourself 5 years from now? Or even 10 years from now? Your first deal could completely change the trajectory of your life in that time span.
In this blog, we will dive into how Mark went from doing his first deal just 8 years ago to now running one of the fastest-growing real estate franchises with over 70 locations. This is an inspiring story of exponential growth that contains many golden nuggets for aspiring investors and entrepreneurs.
So whether you're looking to do your first deal or scale up your existing business, be sure to read through this entire post to learn from Mark's experience. Let's dive in!
Mark's Background Before Real Estate
Mark reveals that before getting into real estate 8 years ago, he sold fencing and decking products for a living. It was a commission-only job that paid the bills, but he always had an entrepreneurial itch and pursued some side businesses as well.
After 10 years at this job, Mark shares how he was asked to start coming into the office to "sharpen pencils" for a few hours a day. This was the trigger that made him realize he needed to take control and work for himself.
Shortly after, he connected with his now business partner Cody and jumped into wholesaling real estate with him.
This "pencil sharpening" job was the gift that made him realize he didn't want to work for someone else anymore.
Doing His First Deal
Mark did his first deal by sending out direct mail to a tax delinquent list. He got a few calls and set up an appointment that ended up taking 4 hours!
The seller needed approval from his brother before accepting Mark's cash offer. So Mark had to leave and come back, starting the conversation over once the brother showed up.
Ultimately Mark was able to close on that first deal and make around $10,000 in profit. However, he admits he probably left some money on the table by only getting one bid for the property. He learned over time that finding the deal is the hardest part, so you need to capture as much profit as possible.
Key Takeaway: Get multiple bids on your deals to maximize profits. Don't just take the first offer that comes in! To help with that make sure you build your cash buyers list.
Growing the Business Exponentially
Mark realized he was capturing good market share quickly in Utah. So he wanted to expand into other markets through franchising.
He highlights 3 key advantages of the franchising model:
- You get ongoing support as a franchisee - it's like having a business coach for life!
- You get access to proven systems and processes.
- You benefit from the aggregated data of what marketing works across all franchise locations.
Mark also admits he wanted to prove he could run a better franchise than the only other company doing it in this space at the time!
The way Mark grew Joe Homebuyer so rapidly through franchising is brilliant. It allows you to scale while keeping quality high.
Advice for New Investors
When asked what mindset is required to be successful in this business, Mark emphasizes you need tenacity. This business has a lot of ups and downs, so you have to push through the rollercoaster ride.
Ironically, many new franchisees already have some experience in real estate wholesaling. But they join because they want to take their results to the next level. That's where systems and processes become critical.
Rapid Fire Questions
Here are some key insights from the rapid fire questions:
- Mark believes anyone who wants to should try being an entrepreneur. It demands growth from you.
- He works over 50 hours a week but also takes weeks off here and there to recharge.
- If you have a side hustle, Mark says you still owe your 9 to 5 job full effort during that time. Side hustle on breaks and off hours.
Conclusion
Mark Stubler's story is truly inspiring. He shows how thinking big and leveraging systems can take you from your first deal to a multi-million dollar enterprise.
I hope you picked up some tactical tips as well as the mindset required to make it in this business. Tenacity and persistence are so important!
